my car on hp loan reposession

blokes2

hi,
i have posted earlier but need to ask a new question, my car is close to being reposessed by black horse, i cannot pay off the full amount. the only other alternative is me offering them a lower repayment if they get a court order for reposession.
this means they can have the car back and i will still owe the balance.
i still owe 7500 including late charges and the car is only worth 2500 auction value because of high mileage. i was wondering if the best idea WOULD be to let them have it back as im paying a lot for something thats depreciating fast. the balance of the hp could then be treated as an ordinary credit agreement and i can offer what i can afford.
i could then get a family member to get me another car and pay them the money i would have paid black horse.

has anyoneone done this ???

fiveyearplan

Hi Blokes2

What was the total of the loan, total the car was originally worth, is it on HP or a loan? If HP, what does the agreement say? ie mine said if I had paid 1/3 of agreement they could only reposses with a court order and if they repossessed without court order I would be entitled to everything I had paid.

blokes2

hi,
yes its on hp, they advised me of what you said. im not sure though even if they took me to court and i offered them a repayment plan, i would not really want to carry on paying 100 a month when they have just added over 2000£ in charges!!

fiveyearplan

Oh, I forgot to ask, are you bankrupt or considering bankruptcy?

blokes2

hi.
considering it, its probably the only solution in the near future

fiveyearplan

If you do go BR you can put the whole of the car into your BR.